Sec. 15-80. Persons exempt from registration and other duties; burden of proof thereof.

434 words·~2 min read·/il/chapter-815/act-175/15-80

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(a)The following persons are exempt from the requirements of Sections 15-10, 15-15, 15-20, 15-25, 15-30, 15-35, 15-40, and 15-75 of this Act:

(1)Any attorney while engaging in the practice of law.

(2)Any certified public accountant licensed to practice in Illinois, while engaged in

practice as a certified public accountant and whose service in relation to procurement of a loan is incidental to his or her practice.

(3)Any person licensed to engage in business as a real estate broker or salesperson in

Illinois while rendering services in the ordinary course of a transaction in which a license as a real estate broker or salesperson is required.

(4)Any dealer, salesperson or investment adviser registered under the Illinois

Securities Law of 1953, or an investment advisor, representative, or any person who is regularly engaged in the business of offering or selling securities in a transaction exempted under subsection C, H, M, R, Q, or S of Section 4 of the Illinois Securities Law of 1953 or subsection G of Section 4 of the Illinois Securities Law of 1953 provided that such person is registered under the federal securities law.

(4.1) An associated person described in subdivision (h)(2) of Section 15 of the Federal

1934 Act.

(4.2) An investment adviser registered pursuant to Section 203 of the Federal 1940

Investment Advisers Act.

(4.3) A person described in subdivision (a)(11) of Section 202 of the Federal 1940

Investment Advisers Act.

(5)Any person whose fee is wholly contingent on the successful procurement of a loan

from a third party and to whom no fee, other than a bona fide third party fee, is paid before the procurement.

(6)Any person who is a creditor, or proposed to be a creditor, for any loan.

(7)(Blank).

(8)Any person regulated by the Department of Financial Institutions or the Office of

Banks and Real Estate, or any insurance producer or company authorized to do business in this State.

(b)As used in this Section, "bona fide third party fee" includes fees for:

(1)Credit reports, appraisals and investigations.

(2)If the loan is to be secured by real property, title examinations, an abstract of

title, title insurance, a property survey and similar purposes.

(c)As used in this Section, "successful procurement of a loan" means that a binding commitment from a creditor to advance money has been received and accepted by the borrower.

(d)The burden of proof of any exemption provided in this Act shall be on the party claiming the exemption.